Cross Account Balance Transfers

Cross-Account Transfers

Banks do not allow electronic funds transfers between different account owners even among family members unless the person is a joint account holder. However, they rarely verify the account owner of the target account. Most of the time, cross-account ACH works without any problems except in the rare case that they take additional due diligence when the transfer amount is over certain threshold (i.e. $100,000).

Balance Transfer Results

I have experimented cross-account balance transfers between family members. Whether it was a balance transfer to another credit card, a direct deposit into my bank account, or a payment on the loan account, all transfers went through just fine. The results are shown below: